or looking at it from a different angle:
the stock 550 is not a very powerful bike and the 70s brakes don't help a modern, agressive riding style either. on real-life roads it can be pushed to keep up with other bikes (at a reasonable, not excessive speed) if the rider is able to make up for its deficits by making use of it's easy handling. that's my experience at least. before i started fiddling with it, i rode a 550 in stock shape for, i think, 2 years.
so another approach could be to improve on its benefits instead of trying to make up in an area where it's never going to win, anyway. that would mean work on suspension, chassis bearings, fork brace (!), maybe invest in some lighter/stiffer wheels... and add a bit more stopping power upfront.
and honestly, you'd need to do these things anyway if you want to benefit from a more powerful engine.